EquipmentShare.com Inc

Hello, everyone. Thank you for joining us and welcome to Equipment Share Q1 2026 Earnings Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Rhett Butler, Vice President of Investor Relations. Rhett, please go ahead.

Good morning, and welcome to the Equipment Share First Quarter 2026 Financial Results Conference Call. Joining me today are Javik Schlacks, Founder and Chief Executive Officer, Willie Schlacks, Founder and President, Mark Wapita, Chief Data Officer and EVP of Finance, and Dave Marquardt, Chief Financial Officer and Chief Accounting Officer. Last night, we issued our earnings release and posted an earnings presentation to our investor relations website at ir.equipmentshare.com. We encourage you to review the presentation alongside today's remarks. Please be advised this call is being recorded. Comments made on today's call and responses to your questions may contain forward-looking statements within the meaning of applicable securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our earnings release, presentation, and SEC filings for a discussion of those risks. EquipmentShare has no obligation to update or revise forward-looking statements made on this call. We will also reference certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are included in our earnings release. With that, I'll turn the call over to Javik.

Thank you, Rhett, and good morning, everyone. We delivered a strong first quarter and are raising our 2026 outlook across the board. The headline is not just the financial performance, but the durability of what is driving it. Strong demand in our core end markets, continued share gain with large customers, and the distinct value proposition of T3. I'll start with a macro backdrop in demand environment. Willie will cover the T3 platform advantage. Mark will walk through site performance and the OWN program. Dave will cover financial performance, and I will close with our updated 2026 outlook. A few headline numbers before we dive in. Rental segment revenue was $764 million, up 37% year over year. Adjusted core EBITDA was $399 million, up 39% year over year. We opened 22 new locations and ended the quarter with 407 operational locations. On a trailing 12-month basis, we are now generating $1.78 billion of adjusted core EBITDA and mature rental locations adjusted EBITDA margins were 55%. Based on that strong start to the year and what we are seeing in customer demand, we are raising guidance. Rental segment revenue guidance now implies 29% year-over-year growth at the midpoint, up from 27% in our prior guide. The equipment rental market remains large, fragmented, and under-penetrated by technology. The US equipment rental industry is approximately 84 billion, and the largest providers still represent only a minority of the total market. That gives us a long runway for share gains, particularly with customers who need scale, reliability, and better operating visibility. What matters in this environment is no longer just fleet availability. Customers are choosing partners who can mobilize quickly, support complex job sites, reduce downtime, and help them execute against compressed schedules. That is where equipment share is winning. Our mix reflects that demand. Industrial and non-residential end markets account for 87% of our rental revenues in 2025. And that mix is held in the first quarter. These are customers building factories, data centers, power and grid infrastructure, and large public projects. That mix is translating into growth well above the market. While the broader industry is growing at low single digits, our rental segment revenue grew 37% in the first quarter. The difference is simple. We are not just renting equipment. We are lowering the cost to execute. That gives equipment share pricing power while delivering a better economic outcome for the customers. Mega projects are the clearest expression of this demand. Data centers... Advanced manufacturing, energy, and infrastructure are all moving towards larger sites, tighter timelines, and higher execution risk. At that scale, customers need more than fleet. They need a partner that can mobilize thousands of machines quickly, keep them running, and give operators real-time visibility and control. That is where equipment share creates clear separation. Data centers show the magnitude of the shift. Rack densities have moved from roughly 8 to 12 kilowatts a decade ago to more than 100 kilowatts today, with next generation designs reaching as high as 600 kilowatts. That is driving major investment in power, cooling, and new facilities. all areas where we are not only active, but excel. The same pattern is playing out in advanced manufacturing, where onshoring is driving semiconductor, battery, automotive, and defense-related construction. In energy, grid constraints are increasing demand for mobile and modular power, an area where we have built a leading position. And in federal and state infrastructure, public spend continues to flow into roads, bridges, water system, and ports, where our footprint continues to expand. One customer example captures the broader trend. A top 50 ENR customer running one of the largest renewable power projects in the world had previously chosen another rental partner because our geographic reach was not yet developed enough to support them. Earlier this year, that customer moved 100% of their spend to equipment share. The reasons were specific. Access control, predictive maintenance, the depth of our service technical network, and the ability to manage thousands of machines through a single platform. We are seeing that pattern repeat across the customer base. T3 is what makes that possible. It turns scale into a measurable operating advantage for our customers. I'll now turn it over to Willie to talk more about the T3 platform.